Bank of Baroda is one of the leading public sector banks in India, with over 132 million customers. Popularly known as India’s international bank, Bank of Baroda has a global presence with 107 branches/overseas offices in 24 countries. The bank offers a wide range of NRI banking services to its customers living overseas, including NRI accounts, FDs, and home loans. Bank of Baroda NRI account includes NRE/NRO savings and current accounts.
NRIs can apply for an NRI account online by clicking the link below:
Also Read: NRI Accounts: Which one to choose? NRE or NRO?
How to open Bank of Baroda NRI account
NRIs can apply for an NRI bank account online as well as offline.
Online NRI account opening
For Bank of Baroda NRI account opening online, you can use the following methods:
- NRI account opening through Bank of Baroda online banking
- Online NRI account opening through SBNRI
Bank of Baroda NRI account opening on bank’s website
To open Bank of Baroda NRI account, NRIs/ PIOs need to take the following steps:
- Fill the Bank of Baroda NRI account opening form available on the bank’s website or contact the overseas/ domestic branch of the bank.
- Submit the duly completed BOB NRI account opening form along with supporting documents to the bank branch with which you wish to open an NRI account.
- Signature of the applicant/s on the application and all the documents enclosed with the application to be verified by a bank official or Indian High Commission/ Consulate/ Embassy or Notary Public.
- Account can be opened in the name of an NRI/ PIO singly or jointly with another NRI/ PIO. Or jointly with Resident Indian with operational instructions ‘Former or Survivor’.
Open Bank of Baroda NRI account online on SBNRI
You can apply for an NRI account online by clicking the ‘Apply for NRI’ button on this page or use SBNRI app for the same. SBNRI app is one of its kind that facilitates online NRI account opening in the simplest and shortest way. Following are the easy steps to apply for an online NRI account opening via the SBNRI app:
- Download the SBNRI app from the Google Play Store or App Store.
- Sign in using your credentials.
- Click the ‘Open NRI account’ button and select the bank with which you wish to open an NRI bank account from the bank list.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’ and you are done.
Visit the bank branch for NRI account opening
If possible, you can visit an overseas/ domestic branch of Bank of Baroda to open NRI bank accounts.
Documents required for Bank of Baroda NRI account
Here is the checklist of documents required for the Bank of Baroda NRE account and NRO account opening. All documents should be self-attested:
- 2 passport size latest photographs
- Copies of passport with valid visa pages and relevant address pages
- One address proof of the country of residence, such as telephone bill, E-vision bill and tenancy contract
- Letter from the employer on the company’s letterhead
- Labour card copy
- PAN card (in case of NRO account)
For BOB NRI account opening, an initial payment, which is equivalent to the amount required to maintain the Bank of Baroda NRI account minimum balance, to be sent by:
- Demand draft/ mail transfer in foreign currency/Indian rupee
- Personal cheque/ cashier’s cheque in foreign currency/ INR
- SWIFT/ wire/ telegraphic transfer
- Foreign currency/traveler cheques
Bank of Baroda NRE/ NRO savings bank account balance requirement is equivalent to INR 1000.
Also Read: NRI Account Minimum Balance: Updated for 2023
Bank of Baroda NRI Savings Accounts
Any Non-Resident Indian (NRI) and Person of Indian Origin (PIO) can open an NRI bank account with Bank of Baroda to meet their banking and financial needs in India. Bank of Baroda allows NRI account holders to access their accounts from abroad and during their visit to India. They can remit funds to their loved ones in India and invest in Indian market through the Bank of Baroda NRI savings account. Bank of Baroda NRI account interest rate can be up to 3.35% per annum.
Bank of Baroda NRI Account Interest Rate
The Bank of Baroda NRI savings accounts interest rates are given below. These rates are in effect from 14 November 2022.
| Balance in NRE savings account | Interest rates (p.a.) |
|---|---|
| Balance up to Rs. 1.00 lakh | 2.75% |
| Above Rs 1.00 Lakh to less than Rs. 10 Crores | 2.75% |
| Rs. 10 Crores and above to less than Rs. 50 Crores | 2.75% |
| Rs. 50 Crores and above to less than Rs. 100 Crores | 3.00% |
| Rs.100 Crore and above to less than Rs.200 Crores | 3.00% |
| Rs 200 crores and above to less than Rs 500 crores | 3.05% |
| Rs 500 crores and above to less than Rs 1,000 crores | 3.35% |
| Balance of Rs 1,000 crores and above | 3.35% |
Types of Bank of Baroda NRI Savings Accounts
Bank of Baroda NRE Account
BOB NRE account allows NRIs and PIOs to park their earnings, in a foreign currency, in a rupee-denominated account in India. Key benefits of Bank of NRE accounts are as under:
- Full repatriability of entire funds (Principal and interest).
- Offers easy liquidity and convertibility.
- Offer remittance facilities.
- Bank of Baroda NRE account interest rate range from 2.75% to 3.35% p.a.
- NRE account can be opened jointly with an eligible NRI or PIO.
Bank of Baroda NRO Account
NRIs can deposit their foreign earnings as well as Indian income such as pension, dividends and rent in a Bank of Baroda NRO account. An Indian resident can convert his/her existing domestic account into an NRO account after becoming an NRI. Here are the features and benefits of the BOB NRE account:
- The principal component is not fully repatriable while the interest is repatriable to anywhere around the world after payment of applicable taxes.
- You can mandate your family member in India to operate the account in your absence.
- Cheque book facility available.
- NRO savings accounts are subject to withholding tax at 30.90% plus applicable surcharge where DTAA is not applicable.
- Bank of Baroda NRO interest rate is up to 3.35% p.a.
Baroda Premium NRE Savings Bank Account
High-value NRI customers of Bank of Baroda can open a Baroda premium NRE savings account to enjoy value-added propositions and privileges. Here are the benefits of Baroda premium NRE savings account:
- Free remittance if the beneficiary holds his/her account at any branch in India.
- Free of cost demand draft/ banker’s cheque.
- Free of cost custodial services.
- Free 24×7 account access through Bank of Baroda net banking.
- Principal and interest are fully repatriable.
- Tax exemption on interest earned.
Bank of Baroda NRI Account Minimum Balance Requirement
Account holders need to maintain Bank of Baroda NRI account minimum balance as under to avoid any penalty:
- For rural areas: Rs.500
- For semi-urban areas: Rs. 1000
- For urban/metro areas: Rs. 2000
Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
FAQs
No permission is required from the Reserve Bank of India to open a Demat account. Holding securities in Demat only constitutes a change in form and doesn’t need any special permission.
NRI customers can reach the bank by dialing the following numbers:
– NRIs from overseas locations can contact +91 7949044110
– NRI from India can call toll free number 1800 258 44 55 or 1800 102 4455
As an NRE account is a fully repatriable account, you can transfer funds from NRE to NRO account without any restrictions.
Minimum balance for BOB NRI account is equivalent to Rs. 1000. You can send money for account opening by:
– Demand draft/ mail transfer in foreign currency/Indian rupee
– Personal cheque/ cashier’s cheque in foreign currency/ INR
– SWIFT/ wire/ telegraphic transfer
– Foreign currency/ traveller cheques
